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place to be once they settle this thing. the third and the most important thing is the u.s. economy is the most vibrant, adaptable, innovative and creative economy on the planet. i think that means we're coming out and starting to see that in many sectors today. we're bullish and think you need to look at this on a positive frame. >> maria, i'm less bullish than that. that sounds very optimistic. i would love to believe that, but if you compare valuations of equities versus bonds, yes, there's a huge spread right now, but that doesn't necessarily make equities really cheap. it's just a relative trade. i think, also, yes, we're a vibrant economy. we certainly are a strong economy. i think it's really unsustainable, the level of debt that we have in this country. we have $1 trillion in debt. i heard an incredibly succinct way of describing this. rick santelli actually said it this morning about how you can't say you're cutting $800 billion when really $80 billion is really from wars that are just going away. that's not really a cut. that's taking away the addition. i think you need to
street. in washington, posturing politics and high-stakes poker with america's economy at stake. president obama's initial offer on the fiscal cliff was resoundingly rejected by republicans. it included a $1.6 trillion tax increase, double what he campaigned on. also included $400 billion in entitlement cuts eliminating the need for congressional approval to a raise the debt ceiling. the markets rebounded later in the week following the latest hopes on a fiscal cliff agreement. america's economy grew at a faster pace than initially expected in the third quarter of the year. the second reading of the gross domestic product showed it at rate of 2.7% spurred by stronger inventories and exports. the securities and exchange commission is looking for a new chairman. mary shapirp schapiro announcin she will step down after nearly four years on the job. the obama administration says it will announce a replacement in the near future. >>> starbucks has a new way to spend a lot of money. it is introducing the most expensive blend made from a rare costa rican variety named geisha. it is $7
with the german economy and this is a big divergence. so that's a change. but looking over time, all stocks have the component of what they call the economic return. speculative return which is it for change and the valuation that the market puts on it. over time, one is a possum gain and the other is zero sum gain. sometimes good news, sometimes bad news. but over time the kind of net being nothing. >> we'll see what happens. good to have you on. we'll be out in westminster, joined by the british shadow business secretarier to. we'll talk currencies. find out why one strategist is bullish on the currency. after the ramp up in m&a that we've seen this year, we'll also speak to an expert in los angeles that says the fundamentalses for deal activity in 2013 are looking more solid. so where will the money flow in the new year, that's at 11:20. and the outlook for u.s. credit market appears less rose city. we'll speak to a moody's analyst that says high duration credit could be badly exposed. the european central bank is announcing either monetary policy decisions later today. economists expect ecb
the economy avoid the cliff and rides above? anyway, senior u.s. economist and managing director at ubs. do you think we'll get a deal? >> i think we'll get a deal. do we get it before the holidays or after for markets, it matters. it's been a drag for the last nine months. so the idea that there is more uncertainty now than there was six months ago, how does that work? there was no fiscal cliff deal six months from now and still no deal. so i'm not sure why we think there's more uncertainty. i would say if you really think about it the president has a lot of ways to delay the impact. for example, our withholding table don't have to get change order january 1. even if you haven't struck a deal, you don't adjust the withholding tables. for now you can delay the pain. so there is wiggle room in terms of when the impact has to be felt. >> but is there where wiggle rom the investing world who looks at the united states and says these guys are a bunch of keystone cops. this cost us with the last round of negotiations back in the summer of 2011 when the debt rating agencies said if you can't find
this one and that is good for the american economy. >> we look back republican senator rand paul from the state of kentucky. senator paul, welcome, as always. i want to ask you about the fiscal cliff, the state of play. there's revenues on the table. there's tax rate increases on the table. i don't know if there's spending on the table. what's your thinking prigt now? >> that it's a really, really bad idea to raise taxes. if you want your economy to grow, you should do the opposite. we have to cut taxes. that's how i'd fix the economy. leave more money in the private sector. the president is adamant about raising taxes and he's dead wrong. >> there are some people saying we need a deal to avoid a huge tax increase but year end that would throw us into recession. just a thought, would you compromise in terms of let's say a smaller tax rate increase -- let's say the top rate goes to 37% instead of 40%, maybe the threshold goads es to $500,000 $750,000 rather than $250,000? does that interest you? >> no. but what about means testing for entitlement. why don't we say the rich get less soc
of the year. we have so much uncertainty in washington. we do have slowing economies in europe and in the u.s. >> right. david, what do you say right now? break the tie for us. >> break the tie. in the near term, there's an epic tug of war between extremely aggressive monetary easing and just total disdain for what they're doing in washington on tax and regulatory policy. in the near term, the fiscal cliff prevails. in the longer term, the fed will prevail. there's so much mistrust on stocks that i think that still can be a positive catalyst for stocks relative to traditional bonds over the next 12 months. >> i'm going to push back a little bit on that. >> i'm going to break the tie in ralph's favor. >> david, i want to push back a little bit on that. in terms of -- like, is the fed really that much of a factor these days now in terms of keeping the market afloat? >> absolutely. >> it's not losing its bang for its buck? >> it's not as powerful as it was in the fall of 2008 or even 2010, but when you consider that, u.s., long bonds, 1.5%. short-term interest rates, zero. negative on an infla
think the ramifications for the economy are too significant. i think we're watching whatever you want to call it, all of the politics playing out, but i still think in the end we'll get a last minute deal. >> i agree. and i think even though the sides are far apart, you have things on the table now. so you can say you're here at 800, 1.6, you kind of -- it gets you somewhere close. somebody will try to say 1.3 versus 1.1, but if you see publicly what they're stating and hopefully privately other things are going on, but it will get done, but it will be very slow. >> john boehner with the proposal he put on the table, i did see commentary from some of the far right saying this is not an acceptable proposal. even his proposal is not acceptable. i did see comment it ter that came through. my question is does the president now have to alienate some of his far left base in order to reach a compromise. >> i think you'll see both of them have to actually bring the parties together. because you won't get everybody happy. some of the people who got voted on the ticket side, no, never. but it w
minutes away. count do countdown is on. the economy probably added about 80,000 jobs last month. reuters consensus is a little higher at 93,000. the unemployment rate expected to hold steady at 7.9% and economists say the slow down in nonfarm payrolls will reflect the effect of sandy. joining us this hour is bank of america merrill lynch global research senior research economist michelle mire and we'll talk through everything that's been happening through jobs and what to expect. but first, there is a developing story. an earthquake off the northeast coast of japan triggered a tsunami warning. the warning has been lifted, but it was a 7.3 quake. so far no reports of any injuries or damage. it was for the same area devastated by an earthquake and tsunami back in march of last year. we will continue to bring you any developments. in the meantime, steve has some of the morning's top other stories. >> let's start with the markets. asian stocks rallying to 2012 highs overnight. the nikkei edging lower after hitting a se hitting hitting a seven month closing high yesterday. european trading, s
it to some of the other developed economies, you can see how well australia is holding up. we've seen growth of just 2.5% in the u.s., 1.5% in canada and zero growth in the uk. locally, cutbacks in government spending weighed on the numbers and lower commodity prices also impacted on cash flow and the government is facing more criticism about its effort to keep the budget in surplus while the economy grows. >> the government has had the objective of making sure that we would bring our budget back to surplus when growth has been around trend. what we've been seeking to do through good budget policy has been to provide maximum flexibility to the reserve bank to a just rate so. the government will always put in place appropriate budget settings which will support growth and jobs. >> still, analysts say growth could slow further as the mining investment boom peaks. yesterday, the bank of australia cut interest rates to a record low of 3% and traders are looking further easing next year to offset the falling talks of trade, the high australian daughter and further cutbacks in government spending.
to get better. the economy is strong. it's going to get stronger. >> what evidence do you have these guys are not just going to go over the fiscal cliff? we heard tim geithner on this program yesterday when steve asked him, look f you don't get what you want, do we go over the fiscal cliff? he said absolutely. >> he said he would do it! >> what happens when we wake up january nd, we go over the cliff, and the world doesn't end? >> that is so irresponsible. >> you have to be a long-term investor. long-term stocks have outperformed bonds. >> with all do respect, george, are you one of those come play september investors larry is referring to? >> i'd say we're opposite of that. we never take anything for granted, but we bet accordingac. bonds are trouble. a lot of people are going to lose a lot of money in bonds. you have to be prepared for that. interest rates are going to go up. dividends are going to continue to increase. the economy in this country is strong. it's going to get stronger. >> even at 44% dividend tax? >> it's not going to go that high. >> if we go over the fiscal cliff, it
until our economy falls off the tax and fiscal cliff. just where do we stand on a deal coming out of washington, d.c.? cnbc correspondent joins us with all the details. >> reporter: as you know the white house's strategy since the election has been to break republican resistance on two issues. one is tax rates and one is an increase in the debt limit. he hasn't succeeded or budged off that attempt so far which is why john boehner came out in a news conference today and slammed the white house for not being willing to compromise. >> four days ago we offered a serious proposal based on testimony of president clinton's former chief of staff. since then there's been no counter offer from the white house. instead, reports indicate that the president has adopted a deliberate strategy to slow walk or economy right to the edge of the fiscal cliff. >> a few hours later you had a slight indication of flexibility from the administration. vice president joe biden was out. he reiterated those two nonnegotiable demands on the part of the administration but said the actual amount of that top rat
. instead, reports indicate that the president has adopted a deliberate strategy to slow-walk our economy right to the edge of the fiscal cliff. >> reporter: not surprisingly, democratic house leader nancy pelosi had precisely the opposite explanation for what is behind this stalemate. she says republicans simply echoing the white house are going to have to buckle on the issue of the top rates. >> the only obstacle standing in the way of middle income tax relief are the republicans unwillingness to ask the top 2% to pay their fair share. >> but tyler, as you suggested, this is all a work in progress. the thing we cannot see that is not visible to the public or to the press is what's going on behind the scenes. staff discussions resumed yesterday. don't know how fruitful. i haven't gotten much of a signal from people on either side that a deal is close, but they're work rg at it and sometimes these situations can turn around quickly. >> john, what of the reports today that perhaps at some point the republicans in the house and in the senate would go along with the idea of extending the bus
.s. are expected to have slowed significantly in november as hurricane sandy battered the economy. and euro hits a session low, 0.4% as problems in europe's periphery continue to weigh. a powerful 7.3 magnitude earthquake has struck across japan's northeastern coast. the quake rocked buildings as far as tokyo according to reports. u.s. geological survey said there was no threat in the wider pacific ocean. the yen has been rising to a session high before we got details of that. and right now, you can see dollar-yen at 82.39. 82.17 before that happened. some safe haven in-flows into japanese currency. if there was going to be a wave in terms of tsunami that was going to hit, it would have happened around five, six minutes ago and she had yet to see any specific drop or change in the sea level. so we'll hope that that continues on that particular way. atomic power says no irregularities seen at its nuclear plant. operations are normal after the quake. so we'll keep our eyes on that. and we'll see if there's any further reaction, as well. hurricane sandy is expected to have put a big department in t
the economy go into a recession. i do not believe he'll do that. i'm call his bluff. he will have to make a deal with republicans because, yes, they will blame the republicans for the recession. i know that's what you're going to say. you know what there will be truth but it's obama who gets blamed for having another recession in his second term. it will be herbert hoover obama. he has ta deal. steve, i'm calling your bluff on this whole thing. >> i'm for him for making a deal and i think he will. the republicans could pass a bill tomorrow to extend the bush tax cuts for everybody making less than 250 and then we could have a discussion about the people making over 250 from now to the end of the year but we could ensure people making under 250 don't see their paychecks, $2,000 taken out of it on january 15th and january 30th. >> why should they do that? >> why can't they protect the middle class. the president says look i have them in my budget. i went through his budget. 258 proposals on taxes or spending. 15 on medicare. total of 150 billion in cuts. we spend $7 trillion in the next ten
, these guys don't think that the economy is going to suffer that much. they think they will take credit. that is how they think. talk about social engineering. what happened to the jack kemp argument. what about empowerment. john f kennedy had the same thing. i don't want to bring some down and some up. i want to bring everybody up. where is that argument? >> and jack kennedy said, if you want to raise tax revenues, you must cut tax rates. the opposite of what obama said. they don't believe it. they want a western european style cradle to grave state. they want to make sure that they preserve it and they want to pay for it. the middle class is going to be nailed and they are going to blame republicans and they are going to have to go back to get more money. isn't it mostly true, taxing the rich, and you poll the whole electric. the middle income people believe they are going to be next. middle income say you are not going to get enough money there. they are going to hit me and there is going to be a carbon tax. president obama needs to expand the government. i wish the majority of the m
savings as part of that and invest in things that matter to the american economy. we think we can do that. we have a good chance to do it now. it's important that we do it. i think we're going to get there. >> given tough talk over the weekend, why aren't we waking up to down numbers, red arrows? >> europe is terrific. bond rates are phenomenal. a great run. china numbers are better. i think that there's a lot of people who feel like doug cast does who writes with me with a piece in "the new york times" saying that -- >> most stuff is nontaxable accounts any way. most stocks that people won't be as motivated to sell as people think. of course that doesn't necessarily deal with the increase in payroll taxes and the whole recession side of it. it does deal with the stock market side in terms of selling. >> why not say, listen, fiscal cliff, i have to cut numbers. i have to cut guidance. i think many ceos will cut guidance because of the possibility that the amt is going to -- this alternative minimum tax, people don't know they have to write a check for $3,500 at the end of the year. once y
two acquisitions. plains exploration and mcmoran exploration. >>> concerns over the u.s. economy as adp misses estimates. the blame goes to superstorm sandy. goldman says the party is officially over for gold. >> starbucks at an investors conference will add 1,500 stores in the u.s. over the next five years. wait until you hear what they said about china. >> a big day in media. pandora ceo joins us live later this morning as the stock fell nearly 20% on weak guidance and netflix signs a big exclusive with disney. how much are they having to pay up for that? >>> let's deal with this big deal. as i've been telling you we'll see a lot of big deals -- i was wrong. here we are. freeport mcmoran buying not one but two companies. the combined price if you add it all together gets close to $20 billion. that does include debt. let's go through some of the details. it's somewhat complex. let's start with bigger of the two deals. freeport's purchase of plains. approximately $6.9 billion in total now. it's a cash and stock deal. .6531 shares and 39 bucks a share in cash. that adds up to $50
on the obama administration if the economy doesn't recover. >> all right. many thanks, scott rasmussen, appreciate it very much. >> thanks. >>> with just 26 days until we fall off the tax and fiscal cliff, two dozen house republicans have apparently defected from the boehner plan and signed a bipartisan letter with democrats. people are now asking is there a fallback position for the gop? well, here now to tell us is house majority whip california republican kevin mccarthy, the number three man. mr. mccarthy, as always, thank you for coming back on the show. can i get your comment on this letter, two dozen republicans, they're talking about tax rate flexibility along with a bunch of democrats. what's your take, sir? >> well, remember what they're saying here. what they're saying is that they're going to put everything on to the table. what we've been talking about for so long is where the president has been awol, this is a spending issue that we have a real problem with. we agree that we'll provide revenue, but we do not want to hurt a pro growth economy here. so it's how you go about
stop the generation of jobs in this economy. >> there's a great article today in one of the papers about how apartment building, we have a shortage of apartments and shortage of housing and shortage of autos and shortage of office buildings developing, shortage of shopping centers, shortage of shopping malls. this is what begins a movement. you have to hire eventually. now you could say people are not looking for work, come on. look, jobs are here. they can -- it can be just easily reversed if you have no idea what is the future because of washington. >> given the data points that we've had in terms of claims numbers that did reflect an impact from sandy, they said 85,000 jobs or 86,000 jobs were sliced because of impact of sandy. average hours worked unchanged. doesn't that -- i don't know -- doesn't that bring into question a little bit the participation in the survey. how can it have no impact whatsoever? it seems curious to me. >> it does call into question whether these numbers can be accurate. we have been starting to think let's check accuracy. why isn't this done by s.a.p.?
. so if you look at the other trends for the economy, it's still the same of steady slow appreciation and that there really i don't believe is any effect from the supposed anxiety about the fiscal cliff. i think people know there will be some type of resolution. we didn't know the details or when. but companies are still investing the way they would normally do and they're not stopping because of -- >> that doesn't make us quake a bit about the jobs report later this will week and what that does for investors' nerves? >> we know it will be worse than it would have been because of super storm sandy. so you didn't know how much it was to do with that and how much was the economy. so it will be a bit of a wash in terms of reading the tea leaves for the u.s. >> so the growth picture for the u.s., we sort of 1%, 2%, depending on what happens with the fiscal cliff. what do you think, 2.5%? >> yeah, i think we should be 2.5% to 3% by the end of next year. >> which might be a slightly better outturn. china seems to be back on track. is there anything in europe -- what's the tail risk at the m
the economy is pretty well positioned potentially in 2013 if we can put this behind us. so i think a lot of what's going on is what you would expect to see in this negotiation, very public negotiation, which is not the best way to do it. i think at some point, the president and the speaker are going to get in a room and have some very serious dialogue as this gets closer. my view is that both the administration and the republicans would prefer to put a deal together, and the outlines of that are on the table. >> you talk about the cliff or the abyss? we need to separate the two. it would be nice to have like a bridge to that $4 trillion deal that includes entitlement, tax reform. in fact, i don't know why the president isn't talking about that more with the simpson-bowles. >> the president did say that he doesn't think there's anything we can get done. >> as a bridge to that. always talking about the high end. >> actually, joe, i think the administration wants to see a deal come together here. >> for what, the fiscal cliff or the fiscal abyss? >> for both. >> for both. >> so that a down
to inject money in a credit fashion into their economy. and we certainly think we can bring our fixed income expertise and continue to help them. >> that would make sense for cantor. ireland was the mf-will first they were in trouble, then the model for the world. what got them into trouble again, housing or real estate or something or bad banks or -- and now again they're kind of a model for everyone on how to handle it. is that basically the last five years? >> absolutely. certainly was a real estate bubble there. now there are austerity measures being put in place and they're actually following through on the austerity measures. so certainly they'll come out first and actually look pretty good. >> so where is the most business for you for cantor in ireland, what will you be doing? >> certainly it's an equity based firm. we'll bring our fixed income expertise, probably become the primary dealer there. the irish government will continue to have to have bond issuances as well as corporate debt will start to become a much bigger part of their economy. >> who else looked at this firm, do you k
back this morning, a new report finds that exporting nat gas will actually help the u.s. economy, but not every day is a winner. >>> vice chairman alan blinder will tell us what he thinks. >>> a new study from the federal government shows exporting u.s. natural gas overseas has the potential to reshape the global energy markets. the obama administration has said the study will be central to the decision on whether to export. he said exporting the gas would be a bigger impact on the economy. >> slap in the face of dow chemical. of coke, not coke the beverage company. but this was something that was hotly disputed within the romney campaign. he really let this stuff go because the romney campaign had some very big givers that were chemical companies. >> do we know, say, very bad, how much will prices conceivableably go up if we become an exporter of natural gas? is it that great a difference? >> we burn offer more natural gas than we use. burn off, in other words literally, you see those flames, we flare more than we use. so we got a real excess of this stuff. >> the government say
cliff? are you expecting the economy to go over the fiscal cliff and see these taxes go high hadder and spending cuts take effect? >> my personal view is i'm still optimistic. i think the conversation has been constructive since. do we have a solution on the table yet? no. but i'm optimistic we'll get to a framework. >> why? >> there's been enough dialogue. there's been movement. everyone seems to recognize the problem. everybody realizes there has to be a revenue component, spend component, entitlement reform component. for us, the business community and all the ceos, certainty is the greatest stimulus for us. >> do you support tax rates going higher? >> me personally, as an individual, more importantly the business community, which i'm part of. we support something inclusive. if rates were higher in a videocasset vacuum, i'm not sure we'd be supportive of that. we have to make sure the consumers, those who spends a lot of the dollars, the middle class, are protected in this exercise. >> i guess the question i'm really getting at is, do you get the revenue from tax increases or fro
no plan. >> austin, it's clear from this jobs report the economy is stuck in second gear. what's it going to take to get to a higher gear right now, do you think? >> i think we got to get the growth rate up in the economy. certainly europe's not any help. what's happening in china and japan is not any help. then you add on top of it what's coming out of washington. i don't think you should get your hopes up about figuring it out before the end of this year. i think there's a pretty deept chance we go over the cliff and then try to sort it out in the beginning of the year. >> lovely. >> joe, when did 146,000 jobs become good? have we become so pessimistic -- have our expectations come so low we're cheering 146,000 when we should be well over 200? >> plus the downward revisions for the previous two months. >> although, those revisions were almost all in government. mandy makes a good point. 150,000 a month, which has been the average over the past is a months or so, is not great. if this was a normal recovery, we'd be growing at 4% instead of 2 on gdp. employment would be well over 250. how
to the economy. >> i'm wondering whether germany as we look at -- they're just above sort of recession territory at the moment. i'm wondering whether if they get better growth out of asia, that will offset the weakness that they're seeing in europe enough to keep them above the pencil line. >> what we've seen so far with today's numbers is exports are declining very sharp. they'll need asia and the u.s. to offset some of that demand weakness, but again, the biggest market for most is the euro zone. if the eurozone is performing badly, that will have a thok-on effect for those countries. >> there's a number of strategists saying after the u.s. has sort of led equities for most of the year, they're now saying europe is the place to be. from i think really the question you have to ask yourself is when cash, equities, credit, government bonds, where do you want to be. and equity in my mind mind is absolutely not. you need good growth numbers to justify the equity markets going up. now, i think there's a lot of investors looking at the yields on ghoechlt bonds or credits and that's motivating them to
the economy to go over the fiscal cliff? what kind of reaction might we see in the market if that were to materialize? >> well, if we saw the market sell off in a big way, i don't think anybody believes we're going to go over the fiscal cliff. there will be some sort of resolution. they'll come up with some tax cuts, some breaks in spending, and probably kick the can down the road on a lot of it. i love the way this market is acting. it's not selling off with all the bad news, all the bickering, all the bad words on each side. you've got to love the way that this market is holding up here. doesn't mean investors need to be carefree, but overall, it looks like the market is setting up with a lot of negative sentiment out there. looks like there's a lot of opportunity for a big run higher once we get some form of resolution. i really believe we're going to get it. >> you think by year end? >> i really do. i think they want to go home for christmas. they're not going to want to not go home for christmas. you can always count on politicians to do the right thing when all other options have
this was for the economy. this is a multiyear low reading in the manufacturing numbers. we haven't seen a number like this since 2009. we haven't seen an employment index number like this since september of 2009, the last time it was at this level, unemployment, 9.8%. we have a nonfarm payrolls number coming out on friday. you'll be lucky to see a positive number in front of that. i don't see how the market overcomes that kind of thing. independent of all this jibber jabber over the fiscal cliff, the economy is in really rough shape now. >> it is. we're seeing businesses cut back, getting ready for the eventuality they see coming, no deal by december 31st this worsening. sam, how do you want to be invested in 2013? where is the growth in the economy coming from, if anywhere? >> i think the growth is coming from an improvement in the housing sector. i think we are starting to see a slowdown in the job loss from the government sector. so, i think we're going to be seeing a better than half speed recovery. so, you do want to be taking a balanced approach. we do favor the consumer discretionary at this p
ceo warns the cliff must get stalled or the economy could be stifled well into 2014. >>> even more dividends pushed into 2012. coach, american eagle moving up and oracle will play out three-quarters of dividends this year. >>> more strength in housing this morning. toll brothers earnings top expectations. we'll begin with the fiscal cliff. governors are set to meet today with the president and congressional leaders. governors are concerned about the impact of deficit reduction measures on their state budgebu. the latest gop offer would overhaul the tax code, raise $800 billion in new revenue but seek $600 billion in health savings, net savings add up to about $2.2 trillion over ten years. boehner called the white house's original offer la la land and it does appear that even though at one point bowles endorsed a blueprint like this, he's trying to distance himself from it right now. >> the president got re-elected. he's claiming he got re-elected in part because he wants to tax that 2%. he cannot go back on that. in the meantime, congress most of the republicans signed the grover n
lift at all. so what do we do? people are worried the economy is slowing because of the cliff. so what do we do? is it game over for equities should i take my -- hall of fame today and just go home? no, no, no. let me first say absolutely not. we simply have to get eveninger to a cliff resolution or to a situation where no one expects resolution. going with the latter, hey, that is new. let me walk you through here. today last week. last week, genuine hope a deal would get done. today, last week. if you recall, we heard from a host of executives. they met with the president. came out, the mic in their faces. they felt like compromise was in the air. compromise was real, imminent. even heard from the always skeptical ceo of goldman sachs. far apart. it could be hammered out without real difficulty if it were in the private sector. behind the scene, from skeptical to more positive. when i heard those execs touch base with them and spoke with them on both sides of the aisle i thought there might be more common ground, but in the last 72 hours many came to the conclusion, partly me because
was happening down there. at the moment, we can barely focus on anything but washington. the whole u.s. economy, your entire portfolio is hostage to two warring parties, demonstrating a level of partisanship that's been measured to being the worst since 1860, the origins of the civil war. let's hope it doesn't take out that particular benchmark. we're witnessing the titanic struggle between those who are willing to rise above politics, and compromise to cut spending and increase taxes. yes, that's the actual compromise radical middle position as dave cote from honeywell says, and those who refuse to accept entitlement cuts. given that the president's saying he campaigned and won on a platform of higher taxes for the wealthy and the republicans say they were elected because they pledged to behind the scenes power broker grover norquist they would never raise taxes, it certainly seems that the impasse cannot be solved and we got to -- go over the cliff. not only do the hard liners refuse to rise above partisanship in order to avoid a government man-dated recession, which is what it's amounted to
. we're going to talk about the fiscal cliff. if we go over it, will it really destroy the u.s. economy? we'll show you some stats to make you go -- hmm. we'll talk more about apple's slide, should microsoft's ceo steve ballmer get the boot if the surface fails. and we will introduce to you quite possibly the world's dumbest demolition crew. it involves a multi-million dollar bore chateau and really bad bulldozing. >> yikes. see you at 1:00, brian. thank you. >>> listen up wall street recruiters, a recent rash of college cheating scandals has shown academic dishonesty is unfortunately a very big problem on campus today. who are the worst offenders? tonight's premier of "faking the grade -- classroom cheaters," we'll tell you. they'll find out which students are most likely to cut corners in the battle to gain an edge. >> reporter: don mccabe and his canadian colleague collaborate on research. mccabe says in the u.s. business students cheat the most. engineering students are often near the top of the list. and so are communications and journalism students. women studied at one university
. horribly inefficient way to grow an economy. >> it's interesting you say that. i feel like one day we're going to back and say, remember whe could borrow at 3% to buy a house. if companies have to borrow the money to pay a dividend, why issue a dividend? >> well, i think we forgot whose money it is. it's the shareholders' money through the company. tax law makes it very difficult to bring the money back in. they've already made the money selling their products and service around the world. so it's much cheaper with low interest rates the way they are to borrow the money and pay the dividends to the shareholders. the tax code actually just represents a very inefficient methodology of transferring the profits to the shareholders as well as influencing where companies are likely to be looking for future profits around the world. >> they've talked in washington periodically about a moratorium on allowing corporations to repatriate some of that money without a tax a consequence. that would help to some degree, wouldn't it? >> absolutely. that would be a very fabulous thing to do. the compa
for the economy. >> more in 2012 than they otherwise would have gotten. >> absolutely. >> maybe after the first of the year with all these folk, see more spending on luxury items as well. people probably spend some. >> we hope so. >> sue, thanks. >>> guys, we are watching shares of facebook today the social media giant unveiling a new tweak to its instant messaging app. facebook up just about 2%. you don't even have to be a member to use this new app and julie boorstin is in los angeles with the three things you need to know this deal. hi, julia. >> hi, sue. well, facebook is continuing its big push to make money on mobile users by offering its messenger app to billions of people around the world with phones and no longer limiting that app to facebook users. here's the deal. first, mobile messenger is a free app for texting, group chat and photo sharing with no per-text fees. just carrier's regular data costs. doesn't yet yield direct revenues to facebook but it is serving as a gateway to join the social network where traffic does translate to profits. second, this is a big emerging markets pla
communications. that is thomas rudd ledtledge. we'll get his take on the economy and the company's growth plan. a cnbc exclusive. >>> would you get a mortgage from that girl? no, from walmart. a lot of people say they would. what's that all about? we're going to run it down later on "power lunch." >>> we start with my partner sue herera in the center of the action downtown at the nyse. >> stocks are slightly lower right now despite those fiscal cliff anxieties. they've been pretty steady throughout the day. the s&p 500 broke above its 50-day moving average, believe it or not. earlier in the day it's backed off a little bit. economic news and new data shows u.s. manufacturing falling to its lowest level in three years. and there is a little nervousness about the president taking to twitter at 2:00 p.m. eastern time to talk about the fiscal cliff negotiations that are going on. but it is the first trading day of the month and some on wall street are getting bullish for year end. it is going to be a december to remember, i predict it. >> i think this is one of the reasons we're holding up so well
,000. their fortunes would drop by $240 billion. if we get a deal but it's bad for the economy, the millionaire population would drop by 26,000 millionaires. if we get a deal and it's good for the economy, millionaires would grow by 230,000 and their fortunes would soar by $1 trillion. yo under score the cost of the cliff, if no threat of a cliff at all, the number of millionaires would grow by 443,000, a 9% increase. the difference between no cliff and going over the cliff is more than 750,000 millionaires, or about $1.3 trillion in worth, the gdp of canada. i'm looking at the impact of economic growth on millionaires, not attacks which could reduce that growth but a cliff deal alone could be worth $1 trillion in new wealth and new millionaires. another reason why the folks in washington should keep on talking. >> really interesting stuff. so, while we have you, robert, let's talk about what we learned on oracle, announcing plans to pay out second quarter, third quarter and fourth quarter dividends this month. what is ceo larry ellison's cut on this? is it $199 million as reported a minute ago
let our economy go over the fiscal cliff if a deal on higher tax rates for the wealthy is not reached? we're checking it out. back in a moment. [ male announcer ] research suggests cell health plays a key role throughout our lives. one a day men's 50+ is a complete multivitamin designed for men's health concerns as we age. it has 7 antioxidants to support cell health. one a day men's 50+. it's easy to follow the progress you're making toward all your financial goals. a quick glance, and you can see if you're on track. when the conversation turns to knowing where you stand, turn to us. wells fargo advisors. >>> welcome back. this very public negotiation on the fiscal cliff still does not seem to be closing in on a deal. the white house out in campaign style events regularly, making multiple media appearances, kle including timothy geithner right here in 25 minutes. >> but would things be done faster if it was done privately? in his latest column, jeff goldfor a compares u.s. budget talks to merger proxy battles. jeff joins us to explain about that. plus, we have bob from jones day who
because the economy slows down. alexia, on the other hand, not no. 23409 so hot. the stock has tripled since i first got behind it it's down about 14% since i highlighted it as an anointed growth stock two months ago. that's unacceptable. alexia is a orphan drug maker whose lead drug has been incredibly successful. however, even though alexia raised guidance, not unlike tractor supply, the stock sold off because the sales only met expectations rather than beating them. given the huge run in the stock going to the quarter. alexia had to do more than just meet the expectations. they had to beat that and crush them. and this time around, it got crushed. that said, to me the market overreacted, alexia has received fda approval to use solera for new indication that could be worth $900 million in peak sales and another $2.5 billion worth of new indications that the company is working on for this one medication. plus intriguing things in the pipe. although they're still in the early stages of development, so don't look for them to produce numbers yet. my view is that the street model punished
is crushing our economy. allow me to explain. since i read @jimcramer on tw twitter people say i'm biased. i believe that the compromise that all the common sense people are looking for, some combination of spending cuts, higher taxes and pro-growth initiatives doesn't come into play anymore in washington. too many pledges, too much ideology. i l am part of the 2% that's going to have to pay more. i have the highest effective tax rate possible, 48% for a variety of reasons. but i am willing to pay more because i used to pay more at one time and i'm grateful for what this country has done for me. i know that those of us are lucky enough to have done well in this country have had a really good run and it's time to show gratefulness, even if we think the government may be profligate with our money. enough already! i want others to do well too. so don't get the idea -- i'm not against the next guy doing better. the idea is that the small business person that everyone claims to be looking out for and the middle class people everyone pledges to, they do need a chance. but here's what the polls are
the world, when people get a little harsh on what happened to the american economy, what happened to american manufacturing, everyone says, well, you know, we have apple, it used to be, well, we have ford motor. and we still do, thankfully. i think there's two companies where we take their brand name and we go there. and one is sony and the trajectory of sony over the years. and that's an interesting exchange. and the other is samsung and i go right at him with the full weight and power of this new samsung ad campaign by bobby fairly, the hollywood director behind "dumb and dumber" and "something about mary." you've seen it, it is blistering, very sarcastic and very satirical. he talks about the rivalry and pressure between the two. >> and very concerned, mr. cook, always about copycatting by companies like samdung with whom they've had a longstanding patent infringement battle. what did he say, if anything, about apple tv, the next device that many people think they're about to bring out? >> tyler, he laid out the entire plan and showed me all the mock-ups and i'd love to be able
the population is in decline, and the gaming industry is in desperate shape, but the slowing economy didn't stop wynn from opening his most opulent casino-resort yet, the encore. charlie rose, who has known steve wynn both personally and professionally for about 15 years, was on hand during encore's opening night back in 2008. >> if all of our customers and friends are at the tables, gentlemen and ladies, place your bets. let the games begin. [cheers and applause] >> at 67, steve wynn is a legend in las vegas... >> if you're gonna start a gambling joint, start a gambling joint. >> the man with the midas touch who added glamour to the gambling industry. >> isn't this fun? >> it's perfect. >> even in this recession, thousands came to try their luck at his new casino. >> that's what i'm talking about! >> whoo! >> encore cost nearly $2.3 billion, a risky bet in a bad economy. why, in this economic environment, would you open a hotel? >> well, i'll tell you right now that if i had any idea this-- i wouldn't, if i had a choice, but this project was started four years ago. these things have a huge lead
kind of deal is inevitable. they feel it won't have much of an impact on the economy. mellow drama even. and this is their group of strong holders. well, i should be better off going over the cliff. rich will pay more on their fair shares and higher taxes on dividends. and the bloated defense budget. unnecessary social programs. i think we aren't where we need to be when it comes to abandoning all hope. i think those people are polyannas. i think we go into a recession with lots of layoffs and the fiscal cliff was designed to pr compromise. everyone knew about the growth. fewer jobs, larger deficit. as i said last night, it doesn't matter, we can pick our stocks and buy them down. ulta salons, but i want to suggest to other groups that are going to give you bang for the buck, betting that the hope will be squeezed out and the bottom gets put in before a deal is made. why not? we know the auto market is for 11 years now and we have been sweet on ford domestically. what are some of the other key areas. asia already turned. i think europe could be stablized. ford is the one to watch. i'm o
up, the wow factor. innovation. it's what drives our economy forward. and tonight cramer's got his eyes on a solution to a life-altering problem. whether you're stranded after a storm like sandy or one of the billion people in the world who don't have electricity, this device lets you create your own power. don't move. you've got to see this. and later, data and dollars. as companies head to the cloud, the business of big data becomes all the more crucial. cramer's found one stock at the center of finance and figures that could be attracting some potential suitors. the takeover talk is just ahead. plus -- >> we're going to do some work on this. >> announcer: you sent cramer back to the books. now he's got the answers you need. plus, jim responds to your tweets @jimcramer #madtweets. and your e-mails just ahead. all coming up on "mad money." don't miss a second of "mad money." follow @jimcramer on twitter. have a question? tweet cramer. #madtweets. send jim an e-mail to madmoney@cnbc.com. or give us a call at 1-800-743-cnbc. miss something? head to madmoney.cnbc.com. [ male announce
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